Economy Down, Mortgage Rates Down: What You Need to Know!

We talk to Patrick  Duffy the Senior Real Estate Economist, U.S. News & World Report about the economic uncertainty is driving mortgage rates down! The 10-year Treasury bond's decline has pushed mortgage rates to 6.63%, sparking a refinance surge. Refinance applications jumped 37% weekly and 83% annually. Existing home sales dipped 5% in January but are up 2% year-over-year, with inventory at a tight 3.5 months, maintaining a seller's market. Prices are rising, up 4.8% to nearly $397,000. New home sales fell 10.5% in January, and inventory surged to 9.0 months, forcing builders to consider incentives. Understand how mortgage rates, refinancing, treasury bonds, existing home sales, new home sales, inventory, housing market trends, real estate economics, and home prices are interconnected.  

 

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